CONTENTS vii
4.3 Benchmark Crude Oils
126
4.4 References
132
5 The Petroleum Culture
135
5.1 The Petroleum Culture
138
5.2 Oil in Perspective
138
5.2.1 History
138
5.2.2 The Middle East Emerges
140
5.2.3 Recent History
144
5.3 The Seven Sisters
145
5.4 Reserve Estimates
148
5.4.1 Historical Variation of Reserve
Estimates
149
5.4.2 Patterns of Use
151
5.4.3 Energy and the Political Costs of Oil
154
5.4.4 Price Swings
155
5.5 References
156
6 Oil Prices
159
6.1 Oil Price History
161
6.2 Pricing Strategies
164
6.3 Oil Price and Analysis
168
6.4 The Anatomy of Crude Oil Prices
172
6.5 The Anatomy of Gasoline Prices
175
6.6 Effect of Refining Capacity
178
6.6.1 Refinery Types and Crude Slate
179
6.6.2 U.S. Refining Capacity
182
6.6.3 World Refining Capacity
182
6.6.4 Refining and Refinery Economics
184
6.7 Outlook
187
6.8 References
191
7 The Crude Oil Market
193
7.1 The Crude Oil Market
195
7.2 Global Oil Consumption
199